Banking for what you're building.
Save on fees, earn interest, and set your business up for success.
Benefits You’ll Love
- Earn competitive dividends
- Includes a free Visa® Business Debit Card
- Save time with our Bill Pay and Remote Deposit features
- Take care of business 24/7 with free online & mobile banking
- Establishes your Business Account here at Mutual Credit Union
- Earns competitive dividends on an average daily balance of $500 or more
- $100 minimum deposit to open + $5 membership fee
- Basic checking account with no monthly maintenance fee
- $50 minimum deposit to open
- Free Visa® Business Debit Card
- Take care of business 24/7 with free online & mobile banking
- Save time with our Bill Pay and Remote Deposit features
- All the basics plus even more extras
- Great for businesses that handle a high volume of transactions
- $100 minimum deposit to open
- $10 monthly maintenance fee
- Free Visa® Business Debit Card
- Take care of business 24/7 with free online & mobile banking
- Save time with our Bill Pay and Remote Deposit features
- Earn competitive, tiered dividends on average daily balances of $2,500 or more
- The higher your balance, the better your rate
- No monthly service charge
- Enjoy flexibility with enhanced access to funds
- $2,500 minimum deposit to open
- Current Rates
- Competitive, fixed rates that are higher than standard savings
- The longer your term, the higher your rate
- Provides more guarantee than other business investments
- A wide range of terms available (from 6 months to 4 years)
- No setup or maintenance fees
- Early withdrawals subject to penalty
- Renews automatically upon maturity after 10-day grace period
- Current Rates and Terms
April 2023
BUSINESS ACCOUNTS | DESCRIPTION | FEE AMOUNT |
---|---|---|
Business Basic Checking | Monthly Maintenance Fee | Free |
Transaction Fee | Excess transactions (checks paid/other debits/credits deposited items) No fee for first 500, then $0.50 per item. No excess transaction fee for debit card transactions. | |
Cash Deposit Process Fee | No fee for the first $5,000, then 0.15% of amount over $5,000 | |
Cash Disbursed Processing Fee | $0.50 per Coin Roll, $1.00 per Currency Strap | |
Courier Fee | $25.00 per trip | |
Business Plus Checking | Monthly Maintenance Fee | $10.00 |
Transaction Fee | Excess transactions (checks paid/other debits/credits deposited items) No fee for first 1000, then $0.25 per item. No excess transaction fee for debit card transactions. | |
Cash Deposit Process Fee | No fee for the first $5,000, then 0.15% of amount over $5,000 | |
Cash Disbursed Processing Fee | $0.50 per Coin Roll, $1.00 per Currency Strap | |
Courier Fee | $25.00 per trip |
Individual
- If you are currently a Mutual Credit Union member, you must be in good standing in order to process a business request.
- Non-members must also pass a ChexSystems/Qualifile as well as Customer Due Diligence.
Business Entity
- Business must operate in Warren, Hinds, Copiah, Yazoo, Claiborne, Sharkey, Issaquena, or Lowndes County, MS, or Pickens County, AL.
- Business must be filed and in good standing with the Secretary of State. Individuals can refer to online platforms for LLC, Corporation, DBA, etc. filing/formation.
- MCU does not form businesses but offers deposit accounts for those business entities that are eligible.
- Outside of DBA accounts that are formed with an individual’s personal SSN, all other business forms must have an EIN letter for account opening. Below is a link to register for EIN:
Prior to Account Opening - Based on Business Structure:
{beginAccordion}
Sole Proprietorship (DBA):
Individuals That Need to be Present at Account Opening:
- Sole Proprietorships with one owner – The Owner
- Spousal Sole Proprietorships – Both Owners
- If you need to add authorized signers to the account, they must also be present
Information Required to Open Account:
Personal Identification – Two forms of primary identification or one form of primary along with one form of secondary identification is required for ALL signers.
Acceptable Primary Identification includes:
- Government issued passport
- Government issued driver’s license
- Government issued State ID
- Military ID card
- US Alien registration
- Green Card
- VISA
- Immigration Card
- State issued handgun carry permit
Secondary ID includes:
- Social Security Card
- Birth Certificate
- Utility Bill (dated within last 30 days)
- Credit Card
Tax Identification Number – Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN) is required.
Business Documentation – One of the following is required:
- Business License
- EIN IRS Letter
- Tax Return reflecting dba Name
Note: if your business is organized in another state but operates in the state where the account is being opened, documentation from BOTH states is required.
Additional Information That Will be Requested at Account Opening:
- Business Address (must provide a physical address)
- Phone Number
- Number of Business Locations
- Where Products and Services are sold
- Location of Suppliers and Vendors
- Nature of your business
- Annual Sales
- Number of Employees
- Types of Transactions and Volumes you expect to process through the new account
Limited Liability Company (LLC):
Individuals That Need to be Present at Account Opening:
Member Managed LLC – All Members
Manager Managed LLC – All Managers
- If one of the Managers or Members of the LLC is another business, an authorizing representative of that business must also be present
- If you would like to add an authorized signer to your account, they must be present
Information Required to Open Account:
Personal Identification – Two forms of primary identification or one form of primary along with one form of secondary identification is required for ALL signers.
Acceptable Primary Identification includes:
- Government issued passport
- Government issued driver’s license
- Government issued State ID
- Military ID card
- US Alien registration
- Green Card
- VISA
- Immigration Card
- State issued handgun carry permit
Secondary ID includes:
- Social Security Card
- Birth Certificate
- Utility Bill (dated within last 30 days)
- Credit Card
Tax Identification Number – An Employer Identification (EIN) is required.
Business Documentation
- Certified Articles of Organization (Certificate of Formation), filed with state agency
- Active Status Verification – Certificate of Good Standing
Note: if your business is organized in another state but operates in the state where the account is being opened, documentation from BOTH states is required.
At Least One of the Following Is Also Required:
- Operating Agreement
- Meeting Minutes
- Annual Report of Statement of Information
All Owners/Shareholders with 25% or More Ownership (even if not a signer on the account):
- Full name as it appears on Government Issued ID
- Legal Business Name (only used when an owner of a corporation is another entity/trust)
- Residential Address (business address if owner is a business)
- Percentage of Ownership
- Date of Birth
- Tax Identification Number (i.e., SSN, ITIN, FTIN)
- Country of Citizenship
Additional Information That Will be Requested at Account Opening:
- Business Address (must provide a physical address)
- Phone Number
- Number of Business Locations
- Where Products and Services are sold
- Location of Suppliers and Vendors
- Nature of your business
- Annual Sales
- Number of Employees
- Types of Transactions and Volumes you expect to process through the new account
Corporations:
Individuals That Need to be Present at Account Opening:
Any authorizing representative must be present, which includes the President, Secretary, Assistant Secretary or Acting Secretary
- If you would like to add an authorized signer to your account, they must be present
Information Required to Open Account:
Personal Identification – Two forms of primary identification or one form of primary along with one form of secondary identification is required for ALL signers.
Acceptable Primary Identification includes:
- Government issued passport
- Government issued driver’s license
- Government issued State ID
- Military ID card
- US Alien registration
- Green Card
- VISA
- Immigration Card
- State issued handgun carry permit
Secondary ID includes:
- Social Security Card
- Birth Certificate
- Utility Bill (dated within last 30 days)
- Credit Card
Tax Identification Number – An Employer Identification (EIN) is required.
Business Documentation – One of the following filed with appropriate State Agency including State Filing Stamp is required:
- Certified Articles of Incorporation (Certificate of Formation)
- Active Status Verification – Certificate of Good Standing
Note: if your business is organized in another state but operates in the state where the account is being opened, documentation from BOTH states is required.
At Least One of the Following Is Also Required:
- Corporate Resolution
- Meeting Minutes
- Annual Report of Statement of Information
All Owners/Shareholders with 25% or More Ownership (even if not a signer on the account), which may include Senior Managers, Board of Directors or any individual with major influence over the company:
- Full name as it appears on Government Issued ID
- Legal Business Name (only used when an owner of a corporation is another entity/trust)
- Residential Address (business address if owner is a business)
- Percentage of Ownership
- Date of Birth
- Tax Identification Number (i.e., SSN, ITIN, FTIN)
- Country of Citizenship
Additional Information That Will be Requested at Account Opening:
- Business Address (must provide a physical address)
- Phone Number
- Number of Business Locations
- Where Products and Services are sold
- Location of Suppliers and Vendors
- Nature of your business
- Annual Sales
- Number of Employees
- Types of Transactions and Volumes you expect to process through the new account
Partnerships:
Individuals That Need to be Present at Account Opening:
All General Partners must Be Present at Account Opening:
- If one of the General Partners is another business, an authorizing representative of that business must also be present
- If you would like to add an authorized signer to your account, they must be present
Information Required to Open Account:
Personal Identification – Two forms of primary identification or one form of primary along with one form of secondary identification is required for ALL signers.
Acceptable Primary Identification includes:
- Government issued passport
- Government issued driver’s license
- Government issued State ID
- Military ID card
- US Alien registration
- Green Card
- VISA
- Immigration Card
- State issued handgun carry permit
Secondary ID includes:
- Social Security Card
- Birth Certificate
- Utility Bill (dated within last 30 days)
- Credit Card
Tax Identification Number – An Employer Identification (EIN) is required.
Business Documentation
- General Partnerships (one of the following):
- Written Partnership Agreement
- Joint Venture Agreement
- Limited Partnerships (LPs), Limited Liability Partnerships (LLPs) and Limited Liability Limited Partnerships (LLLPs)
- Certified Partnership Agreement
Note: if your business is organized in another state but operates in the state where the account is being opened, documentation from BOTH states is required.
At Least One of the Following Is Also Required listing the current General Partners:
- Certified amendment to the Partnership Agreement or Joint Venture Agreement, if applicable
- Letter on Company Letterhead listing the current General Partners
- Meeting Minutes listing current General Partners
- Annual Report of Statement of Information
All Owners/Limited Partners with 25% or More Ownership (even if not a signer on the account):
Limited Liability Partnerships, Limited Liability Limited Partnerships and Limited Partnerships only:
- Full name as it appears on Government Issued ID
- Legal Business Name (only used when an owner of a Partnership is another entity/trust)
- Residential Address (business address if owner is a business)
- Percentage of Ownership
- Date of Birth
- Tax Identification Number (i.e., SSN, ITIN, FTIN)
- Country of Citizenship
Additional Information That Will be Requested at Account Opening:
- Business Address (must provide a physical address)
- Phone Number
- Number of Business Locations
- Where Products and Services are sold
- Location of Suppliers and Vendors
- Nature of your business
- Annual Sales
- Number of Employees
- Types of Transactions and Volumes you expect to process through the new account
Unincorporated Business Association, Non-Profit or Organization:
Individuals That Need to be Present at Account Opening:
- An authorizing representative
- If you would like to add an authorized signer to your account, they must also be present
Information Required to Open Account:
Personal Identification – Two forms of primary identification or one form of primary along with one form of secondary identification is required for ALL signers.
Acceptable Primary Identification includes:
- Government issued passport
- Government issued driver’s license
- Government issued State ID
- Military ID card
- US Alien registration
- Green Card
- VISA
- Immigration Card
- State issued handgun carry permit
Secondary ID includes:
- Social Security Card
- Birth Certificate
- Utility Bill (dated within last 30 days)
- Credit Card
Tax Identification Number – Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN) is required.
Business Documentation
If Organization or Association is using their own EIN, one of the following:
- Articles of Association
- Charter Document Validating Existence
- IRS EIN confirmation letter
If Organization or Association is using EIN of National or Regional Organization:
- Letter of Authorization from national or regional office (must include EIN of national or regional office)
Note: if your business is organized in another state but operates in the state where the account is being opened, documentation from BOTH states is required.
At least one of the following is also required:
- Letter on Organization or Association Letterhead
- Meeting of Minutes
Individuals Holding Key Roles in the Business Association or Organization
- Full Name on primary ID
- Residential Address
- Date of Birth
- TIN (SSN, ITIN)
- Country of Citizenship
Additional Information That Will be Requested at Account Opening:
- Business Address (must provide a physical address)
- Phone Number
- Number of Business Locations
- Where Products and Services are sold
- Location of Suppliers and Vendors
- Nature of your business
- Annual Sales
- Number of Employees
- Types of Transactions and Volumes you expect to process through the new account
{endAccordion}
Use this calculator to determine your projected earnings from our Kasasa Cash account. Move the sliders or type in the numbers to see your potential rewards.
- Estimated Annual Rewards $0
- Estimated monthly dividends earned* $0
- Monthly ATM fees refunded**$0
This calculator compares the costs of buying or leasing a vehicle. There are three sections to complete, and you can adjust and experiment with different scenarios.
- Net cost of buying $0
- Net cost of leasing $0
A fixed-rate, fixed-term Share Certificate can earn higher returns than a standard savings account. Use this calculator to get an estimate of your earnings. Move the sliders or type in numbers to get started.
- Total value at maturity $0
- Total dividends earned $0
- Annual Percentage Yield (APY)0.000%
Whether it's a down payment, college, a dream vacation...a savings plan can help you reach your goal. Use the sliders to experiment based on length of time and amount per month.
- Monthly deposit needed to reach goal $0
This calculator can help you get a general idea of monthly payments to expect for a simple loan. Move the sliders or type in numbers to get started.
- Estimated monthly payment $0
- Total paid $0
- Total interest paid $0
Boats (New & Used) And RVs (New & Used)
Terms | APR |
---|---|
Up to 24 Months | 7.69% |
Up to 36 Months | 7.69% |
Up to 48 Months | 7.69% |
Up to 60 Months | 7.79% |
Up to 72 Months | 7.89% |
Up to 84 Months | 7.99% |
Up to 96 Months | 8.19% |
Up to 120 Months | 8.29% |
Rates may change based on credit qualifications and age of collateral. Your rate may be different than the rate listed.
Business Certificates
Term | Minimum Opening Deposit | APY* |
---|---|---|
6 Month Business Certificate | $1,000 | 0.15% |
12 Month Business Certificate | $1,000 | 0.35% |
18 Month Business Certificate | $1,000 | 0.40% |
24 Month Business Certificate | $1,000 | 0.50% |
30 Month Business Certificate | $1,000 | 0.60% |
36 Month Business Certificate | $1,000 | 0.70% |
48 Month Business Certificate | $1,000 | 0.75% |
*APY = Annual Percentage Yield. APY is accurate as of 2/8/23. Requires $1000 minimum balance to open. We reserve the right to end or modify these offers at any time. The dividend rate for your renewed term certificate will be determined at the maturity date. Early withdrawals are subject to penalties.
As required by federal regulations, there is a substantial penalty for early withdrawals. 3 month, 6 month, and 12 month certificates, including IRAs, are subject to a loss of 30 days interest, whether earned or not. 18 month, 24 month, and 30 month certificates, including IRAs are subject to a loss of 90 days interest, whether earned or not.
ALL DEPOSITS ARE FEDERALLY INSURED UP TO AT LEAST $250,000.00 BY THE NCUA.
Business Investment Accounts
Account | Minimum Opening Deposit | APY |
---|---|---|
Business Money Market Account (Tiered Rate Account) | $2,500 - $149,999.99 | 0.40% |
Business Money Market Account | $150,000 - $249,999.99 | 1.50% |
Business Money Market Account | $250,000 & Greater | 2.50% |
Certificate Specials
Term | Minimum Opening Deposit | APY* |
---|---|---|
8 Month Special | $1,000 | 4.50% |
12 Month Special | $1,000 | 4.00% |
18 Month Special | $1,000 | 3.25% |
*APY = Annual Percentage Yield. Promotional Annual Percentage Yields (APY) are available for new money only. APY is accurate as of 11/18/24. Requires $1000 minimum balance to open. We reserve the right to end or modify these offers at any time. The dividend rate for your renewed term certificate will be determined at the maturity date. Early withdrawals are subject to penalties.
As required by federal regulations, there is a substantial penalty for early withdrawals. 3 month, 6 month, and 12 month certificates, including IRAs, are subject to a loss of 30 days interest, whether earned or not. 18 month, 24 month, and 30 month certificates, including IRAs are subject to a loss of 90 days interest, whether earned or not.
IRS regulations require deposits remain in an IRA until the age of 59 1/2 or there is a substantial tax penalty imposed for early withdrawal. ALL DEPOSITS ARE FEDERALLY INSURED UP TO AT LEAST $250,000.00 BY THE NCUA.
Certificates
Term | Minimum Opening Deposit | APY* |
---|---|---|
3 Month Certificate | $1,000 | 0.15% |
6 Month Certificate | $1,000 | 0.15% |
8 Month Certificate | $1,000 | 0.25% |
12 Month Certificate | $1,000 | 0.35% |
18 Month Certificate | $1,000 | 0.40% |
24 Month Certificate | $1,000 | 0.50% |
30 Month Certificate | $1,000 | 0.60% |
36 Month Certificate | $1,000 | 0.70% |
48 Month Certificate | $1,000 | 0.75% |
*APY = Annual Percentage Yield. Promotional Annual Percentage Yields (APY) are available for new money only. APY is accurate as of 2/8/23. Requires $1000 minimum balance to open. We reserve the right to end or modify these offers at any time. The dividend rate for your renewed term certificate will be determined at the maturity date. Early withdrawals are subject to penalties.
As required by federal regulations, there is a substantial penalty for early withdrawals. 3 month, 6 month, and 12 month certificates, including IRAs, are subject to a loss of 30 days interest, whether earned or not. 18 month, 24 month, and 30 month certificates, including IRAs are subject to a loss of 90 days interest, whether earned or not.
IRS regulations require deposits remain in an IRA until the age of 59 1/2 or there is a substantial tax penalty imposed for early withdrawal. ALL DEPOSITS ARE FEDERALLY INSURED UP TO AT LEAST $250,000.00 BY THE NCUA.
Credit Cards
Type | APR | Minimum Payment |
---|---|---|
Visa Platinum | WSJP + 4% | 2% Of Total Balance or $25 Whichever is Greater |
Visa Rewards | WSJP + 7% | 2% Of Total Balance or $25 Whichever is Greater |
Listed APR is AS LOW AS and is based on credit qualification.
These APRs will vary with the market based on the Wall Street Journal Prime Rate
APR = Annual Percentage Rate
Home And Land Loans
Loan | Terms | APR |
---|---|---|
Home Equity Line of Credit | Rates as low as Wall Street Journal Prime Rate Plus 0%. Based on credit qualification. | As low as Wall Street Prime Rate + 0% |
Mobile Home (New or Used) | Up to 120 Months | 10.75% |
First and Second Mortgages | We offer a wide range of mortgage products. Ask us how we can help you find the right loan to fit your needs. | Rates fluctuate, see our mortgage specialist for details. |
Land | Up to 180 Months | 8.50% |
Listed APR is AS LOW AS and is based on credit qualification.
Investment Accounts
Account | Minimum Opening Deposit | APY |
---|---|---|
Mutual Asset Management Account (MAMA) | $2,500 | 0.40% |
Premier Money Market Account (Tiered Rate Account) | $2,500 - $149,999.99 | 0.40% |
Premier Money Market Account | $150,000 - $249,999.99 | 1.50% |
Premier Money Market Account | $250,000 & Greater | 2.50% |
IRAs
Term | Minimum Opening Deposit | APY |
---|---|---|
6 Month IRA Certificate | $1,000 | 0.15% |
12 Month IRA Certificate | $1,000 | 0.35% |
18 Month IRA Certificate | $1,000 | 0.40% |
24 Month IRA Certificate | $1,000 | 0.50% |
30 Month IRA Certificate | $1,000 | 0.60% |
36 Month IRA Certificate | $1,000 | 0.70% |
48 Month IRA Certificate | $1,000 | 0.75% |
IRA Share Account | $500 | 0.25% |
As required by federal regulations, there is a substantial penalty for early withdrawals. 3 month, 6 month, and 12 month certificates, including IRAs, are subject to a loss of 30 days interest, whether earned or not. 18 month, 24 month, and 30 month certificates, including IRAs are subject to a loss of 90 days interest, whether earned or not.
IRS regulations require deposits remain in an IRA until the age of 59 1/2 or there is a substantial tax penalty imposed for early withdrawal. ALL DEPOSITS ARE FEDERALLY INSURED UP TO AT LEAST $250,000.00 BY THE NCUA.
Kasasa Saver*
Tier | Dividend Rate | APY |
---|---|---|
0 - $5,000 | 0.30% | 0.30% |
$5,000+ | 0.20% | 0.30% to 0.20% |
All balances if qualifications not met | 0.01% | 0.01% |
Qualifications
Qualifying for your Kasasa Cash Back® rewards automatically qualifies you for the highest Kasasa Saver rate, too. Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash Back account during each Monthly Qualification Cycle:
- At least 12 debit card purchases
- Be enrolled in and agree to receive e-statements
- Be enrolled in and log into online banking
That's really it. Even if you don't meet your qualifications during the cycle, your Kasasa® accounts are still free. Plus, you'll still earn our base dividend rate on your Kasasa Saver balance. And you can get right back to earning your full rewards the very next cycle that you qualify.
*Recurring payments from your debit card are not used in calculating the total number of debit swipes.
Motorcycles (New & Used) And ATVs (New & Used)
Terms | APR |
---|---|
Up to 24 Months | 7.69% |
Up to 36 Months | 7.69% |
Up to 48 Months | 7.69% |
Up to 60 Months | 7.79% |
Up to 72 Months | 7.99% |
Up to 84 Months | 8.19% |
Rates may change based on credit qualifications and age of collateral. Your rate may be different than the rate listed.
New Vehicle Loans
Terms | APR |
---|---|
Up to 24 Months | 4.69% |
Up to 36 Months | 4.69% |
Up to 48 Months | 4.69% |
Up to 60 Months | 4.99% |
Up to 72 Months | 5.19% |
Up to 84 Months | 5.99% |
Rates are listed as low as and will vary based on credit qualifications and the vehicle collateral. Your rate may be different than the rate listed.
APR = Annual Percentage Rate
Personal Loans
Loan | Terms | APR |
---|---|---|
Personal Signature Loan | Up to 72 Months | 9.99% |
Share Secured | Up to 100% of Secured Amount | Share dividend rate + 3.00% |
FlashCash | Up to 12 months | 28.00% |
Listed APR is AS LOW AS and is based on credit qualification. Your rate may be different than the rate listed.
Savings
Account | Minimum Opening Deposit | APY |
---|---|---|
Share Savings1 | $10 | 0.25% |
Christmas Club | $10 | 0.25% |
MY Investment Account1 | $10 | 0.50% up to $5,000 0.25% on $5,000+ |
1 $5.00 Membership fee required
Used Vehicle Loans
Terms | APR |
---|---|
Up to 24 Months | 4.69% |
Up to 36 Months | 4.69% |
Up to 48 Months | 4.69% |
Up to 60 Months | 4.99% |
Up to 72 Months | 5.19% |
Up to 84 Months | 5.99% |
Rates may change based on credit qualifications and age of collateral. Your rate may be different than the rate listed.
APR = Annual Percentage Rate